Estate planning allows you to plan for incapacity and protect your loved ones when you die. You can determine how your assets will be distributed, who will inherit your business, who will raise your kids and so on. So, why do some people avoid it?
Here are three reasons:
Estate planning can be complicated, but you can make your experience smoother when you start earlier. Chances are when you become older, you will have children/grandchildren and more assets. Planning for all these at once can be stressful.
Creating a plan when you have a few assets is more manageable – you can update your plan when circumstances change. It’s never too early to start estate planning.
Additionally, you can work with different specialists, including a financial advisor, an attorney and a tax specialist, to understand the steps to take.
“I’m too busy”
Some people avoid estate planning by claiming they are too busy. While this is understandable, creating an estate plan may not take as much of your time as you believe, especially if you start earlier and have the required documents. Further, estate planning is an ongoing process. You don’t need to finish it in one sitting.
There is no average period for estate planning. It depends on the size of an estate and how someone approaches it.
“I don’t want to jinx my life”
Since estate planning is primarily about preparing for death and incapacitation, some people believe they may jinx their lives if they create a plan. But this should not be the case. You should view estate planning as having the freedom to determine what should happen to you and your legacy when you become incapacitated or die.
Excuses should not hold you back when it comes to estate planning. Consider getting legal guidance to make the process easier.